When I last posted about a week ago focus was on the developing Zigzag pattern from the March 17 low. I wrote: “However, we must still wait for confirmation that the zigzag pattern is complete.” I now believe that the odds are very high that we saw the pattern complete at the May 2 high. A weak day today would go a long way in confirming that view.
And what happens after the zigzag? Again; the wave principle allows for two scenarios: An “x” wave or another corrective pattern. The former would not see the market decline below 1324 while the latter could retrace the move up from March 17 almost completely.
And what happens after the zigzag? Again; the wave principle allows for two scenarios: An “x” wave or another corrective pattern. The former would not see the market decline below 1324 while the latter could retrace the move up from March 17 almost completely.
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